Bitcoin spikes to a record high above $4,700

Bitcoin hit a fresh record high of $4,710 a coin on Thursday morning. Currently, the cryptocurrency trades up 2.38% at $4,704 a coin.

Thursday’s advance caps off a big month for bitcoin, which has rallied 63.5% since the August 1 fork that split it in two.

Bitcoin cash, the cryptocurrency that was formed from the fork, has gained about 116% since its first trade of $300.

August has been an eventful month for bitcoin. Aside from the fork, developers introduced a new software called Segregated Witness, or SegWit. “SegWit is a clever solution that essentially increases transaction capacity,” Aaron Lasher, the chief marketing officer of Breadwallet, a bitcoin technology company, told Business Insider.

And while bitcoin has gained about 385% so far this year, the good times likely won’t last forever.